“Swiss Coffers”: What Does Mitt Romney Have To Hide?
The Democrats are putting all their emphasis on touting the Buffett Rule ahead of a Senate vote for next week to coincide with Tax Day. The push is ostensibly an effort to twist the arm of a few of the more moderate Republicans—say the two Maine Senators or running for reelection in Democratic territory Scott Brown—under the hope that they’ll fear public backlash if they vote down the measure, a policy favored by over half of the country. However even if they peel off a few Republicans there is little hope that the bill would make any progress in the GOP-controlled House. Instead, as a conference call hosted by the Obama campaign Monday afternoon made clear, the push is an effort to focus attention on Mitt Romney’s wealth as a viability as the Republican nomination contest begins to come to a conclusion.
Senate Majority Whip Dick Durbin and Wisconsin Representative Tammy Baldwin joined Obama campaign manager Jim Messina on the call. Messina used most of his time talking with the reporters to attack Romney’s refusal to release his tax returns beyond the past two years. “Why is it ok to give John McCain 23 years and the American public only two? It doesn’t make sense, he can’t justify it, and he should release it,” Messina said, referring to the records Romney provided to McCain in 2008 while he was being vetted as a possible VP candidate.
“Romney is the beneficiary of a broken tax system and he wants to keep it that way,” Messina said, hinting at Romney’s 13.9 percent rate for his 2010 taxes. “He wants a system in which firefighters, cops, teachers and middle class Americans all pay a higher tax rate than he does. We think that’s wrong.”
Durbin went a step further, questioning why Romney keeps some of his money in a Swiss bank account. “It is impossible for him to explain or defend owning a Swiss bank account,” Durbin said. “I asked Warren Buffett at a meeting we had recently, ‘have you ever had a Swiss bank account?’ He said, ‘No, there are plenty of good banks in the United States.’ I started asking people ‘why do you have a Swiss bank account?’ There are two reasonable explanations. Number one: you believe the Swiss Frank is a stronger currency than the United States dollar, and that apparently is the decision the Romney family made during the Bush presidency. And secondly, you want to conceal it, you want to hide something.” Durbin didn’t quite accuse Romney of impropriety, but the implication was clear that the Senate Majority Whip believes the Republican presidential candidate is hiding information that could damage his political campaigns.
By: Patrick Caldwell, The American Prospect, April 9, 2012
“Massive Tax Breaks For The Rich”: GOP Budget Plan To Reduce The Debt Actually Makes The Debt Worse
House Budget Committee Chairman Paul Ryan (R-WI) released the GOP’s new budget this morning, and in doing so, he touted it as a plan to make America’s level of debt more sustainable. “We’ve shared with Americans a specific plan of action that cuts spending, pays off the debt and gets our economy back on the path to prosperity,” Ryan said.
The problem with Ryan’s rhetoric is that his plan fails to match it. By giving massive tax breaks to corporations and the top one percent and preserving unsustainable levels of defense spending, the House GOP’s plan to reduce the debt would fail to reduce the debt. In fact, because it assumes levels of revenue that are pure fantasy under his tax proposals, the plan would actually increase the debt, according to an analysis by Center for American Progress Tax and Budget Policy Director Michael Linden:
But the House budget’s entire claim to deficit reduction is built on the foundation of those fantasy revenue levels. Without them, the debt goes up, not down. In fact, with all the House budget’s tax cuts properly accounted for, revenue would average just 15.3 percent of GDP from 2013 through 2022, not 18.3 percent. The result: deficits would never drop below 4.4 percent of GDP, and would rise to more than 5 percent of GDP by 2022.
The national debt, measured as a share of GDP, would never decline, surpassing 80 percent by 2014, and 90 percent by 2022. By comparison, President Barack Obama’s budget proposal, released in February, would stabilize the debt by 2015, and bring it down to 76 percent by 2022.
As Linden notes, the GOP’s “debt reduction” isn’t just based on fantasy levels of revenue — it’s based on “massive, unrealistic” spending cuts as well. Medicaid would face $1 trillion cuts in the first decade, while education and workforce training programs would get cut in half and transportation funding would be reduced by nearly 25 percent. The plan, which also ignores previous deals and increases defense spending, would also require deep cuts in other vital domestic programs.
“If you agree it’s morally wrong to ignore the most predictable crisis in U.S. history, this is your budget,” Ryan tweeted yesterday. Apparently, though, it seems Ryan and his Republican colleagues got so wrapped up in creating a budget that benefits the top one percent, they forgot to actually reduce the debt.
By: Travis Waldron, Think Progress, March 20, 2012
“Affordable Care Act For The Wealthy”: The Rest Of You Can Have Vouchers
It’s not uncommon for the über-wealthy to equip their mega-mansions with pricey private home theaters, spa-worthy washrooms, and palatial pools. Now an increasing number of the super-rich are setting aside space in their homes for another purpose: top-notch medical care.
According to Bloomberg, more well-off families are paying up to install at-home emergency rooms, which can cost upwards of $1 million, and forking over as much as $30,000 a year for “concierge care,” which puts the best-of-the-best physicians at their disposal anytime, anywhere.
“Wealthy people want to have a little exclusivity and want better service than they can get at their normal healthcare facility, and they’re willing to pay for it,” Rick Flynn, principal and head of the Family Office Group with Rothstein Kass, told Bloomberg.
Guardian 24/7, a Virginia-based medical care company founded by former White House physician Sean O’Mara, charges as much as $12,000 a month for its ReadyRooms, Bloomberg reported, which feature discreetly installed medical equipment available at the touch of a button.
If a medical emergency arises, homeowners can immediately contact an on-call emergency physician—a much faster response than waiting for an ambulance to arrive and transport the ailing homeowner to the hospital, the company’s website notes.
“Before Guardian, this kind of medical protection was only available to one person,” the company’s website says. “Now, presidential-level care can be yours—on your schedule and your terms.”
And if you thought for a minute the super-rich might have to be without immediate access to medical care outside the confines of their estates, think again. Guardian 24/7 installs any number of medical apparatuses from X-ray machines to CT scanners on yachts, motor coaches, and aircraft.
By: Meg Handley, Washington Whispers, U. S. News and World Report, March 16, 2012
“The Rich Are Different From You And Me”: Mitt Romney’s Good Friends Own Football Teams, Too
By: Jill Lawrence, The National Journal, March 12, 2012
U. S. Supreme Court Stays Montana Decision Undermining Citizens United
Late last year, the Montana Supreme Court handed down a decision that was widely viewed as openly defying the U.S. Supreme Court’s election-buying decision in Citizens United. Last night, the U.S. Supremes issued an entirely unsurprising order staying that decision. As a result, Montana will now face the same epidemic of corporate and other wealthy donor money that infected the other 49 states in the wake of the Citizens Uniteddecision.
There are, however, two possible silver linings in last night’s decision. The first is that the Supreme Court did not agree to the corporate parties’ request in this case to simply reverse the Montana decision without a full hearing or even necessarily an opinion. Yesterday’s order suspends the Montana decision “pending the timely filing and disposition of a petition for a writ of certiorari,” meaning that there is still a possibility that the Court could give the case a full hearing that would almost certainly raise the question of whether Citizens United should be overruled.
The second silver lining is a separate statement from Justices Ginsburg and Breyer attached to yesterday’s order:
Montana’s experience, and experience elsewhere since this Court’s decision in Citizens United v. Federal Election Comm’n make it exceedingly difficult to maintain that independent expenditures by corporations “do not give rise to corruption or the appearance of corruption.” A petition for certiorari will give the Court an opportunity to consider whether, in light of the huge sums currently deployed to buy candidates’ allegiance, Citizens United should continue to hold sway. Because lower courts are bound to follow this Court’s decisions until they are withdrawn or modified, however, I vote to grant the stay.
This statement suggests that there are at least two votes on the Supreme Court eager to reconsider one of the modern Supreme Court’s most erroneous opinions just two years after it was decided. Such a swift reversal would very unusual, if not entirely unprecedented. In light of the massive influx of corporate and wealthy donor money flooding our democracy and threatening to elect a generation of candidates personally beholden to wealthy benefactors, however, this kind of swift admission of error by the justices is entirely necessary.
By: Ian Millhiser, Think Progress, February 18, 2012
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